Raytheon (RTN) Beats on Q2 Earnings, Boosts View
Raytheon Company RTN is the world’s largest missile manufacturer. It is one of the largest aerospace and defense companies in the U.S. with a diversified line of military products including missiles, radars, sensors, surveillance and reconnaissance equipment, communication and information systems, naval systems, air traffic control systems, and technical services.
Currently, Raytheon has a Zacks Rank #3 (Hold). However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. Raytheon delivered positive earnings surprise in the last four quarters with an average beat of 4.80%.
The key takeaways from this immediate announcement are highlighted below:
Earnings: Raytheon surpassed on earnings expectations. Our consensus called for EPS of $1.70, and the company reported adjusted EPS of $1.75.
Revenue: The company also came ahead on revenue expectations. Raytheon posted revenues of $6.04 million, compared to our consensus estimate of $5.84 billion.
Key Stats to Note: Bookings decreased 6.1% year over year during the quarter to $7.12 billion. Backlog at the end of the second quarter was $35.3 billion, up from $34.5 billion a year-ago.
The company reaffirmed its revenue expectation for 2016 in the range of $24 billion −$24.5 billion. It has increased its earnings from continuing operations projection to the range of $7.13-$7.33 per share from $6.93−$7.13 per share as expected earlier for 2016.
Check back later for our full write up on this Raytheon earnings report later!
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RAYTHEON CO (RTN): Free Stock Analysis Report
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